013. How much should Sunita deposit at the beginning of every month in a bank paying 10% per
annum on a recurring deposit if she want to receive 6740 after 8 years?
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Step-by-step explanation:
Principal=?
Rate of interest=10%
Time=8 years
Amount=6740ruppes
[tex]principal = 100 \times interest \div rate \: of \: interest \times time \\ principal = 100 \times interest \div 10 \times 8 \\ principal = 10 \times interest \div 8 \\ \\ amount = principal + interest \\ 6740 = 10i \div 8 +i \\ 6740 = 10i + 8i \div 8 \\ 6v740 = 18i \div 8 \\ 6740 \times 8 = 18i \\ 6740 \times 8 \div 18 = i \\ i = \: 2995.5ruppes \\ \\ principal = amount - interest \\ principal = 6740 - 2995.5 \\ principal = 3744.5 \: ruppes[/tex]
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